Key indices pare losses

After witnessing some selling pressure, key benchmark indices recovered sharply in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, was down 6.15 points or 0.02% at 25,857.35. The 50-unit CNX Nifty was down 3.55 points or 0.05% at 7,864.95.

A bout of volatility was witnessed in morning trade. The Sensex fell 124.96 points at the day's low of 25,738.54 in morning trade. The Nifty fell 37.15 points at the day's low of 7,831.35 in morning trade.

The market breadth indicating the overall health of the market was positive. On BSE, shares 1,319 rose and 1,148 shares fell. A total of 133 shares were unchanged. The BSE Mid-Cap index was up 0.33%. The BSE Small-Cap index was up 0.55%. Both these indices outperformed the Sensex.

In overseas markets, European shares declined in early trade today, 28 September 2015. Asian markets were trading lower on concerns of deepening slowdown in China. Markets in Hong Kong, Taiwan and South Korea are closed for holiday. US markets ended on a mixed note on Friday, 25 September 2015 due to a sharp sell-off in biotech and healthcare stocks. Prospects for the US economy generally appear solid, Federal Reserve Chairwoman Janet Yellen said in her speech late Thursday, 24 September 2015 after US markets had closed. She argued in favor of hiking interest rates this year, giving more clarity to Fed watchers.

Auto stocks declined. Tata Motors (down 3.75%), Hero MotoCorp (down 1.37%), Eicher Motors (down 0.87%), Escorts (down 0.86%), Bajaj Auto (down 0.55%), TVS Motor Company (down 0.42%) and Maruti Suzuki (India) (down 0.22%), edged lower. Ashok Leyland (up 0.99%) and Mahindra & Mahindra (up 1.01%), edged higher.

Capital goods shares were mixed. Siemens (down 1.88%), ABB India (down 1.68%), Alstom T&D India (down 1.42%), Bharat Heavy Electricals (down 0.96%), Jindal Saw (down 0.62%), Larsen & Toubro (down 0.36%), BEML (down 0.3%), Thermax (down 0.14%), Havells India (down 0.12%) and AIA Engineering (down 0.04%), edged lower. ALSTOM India (up 0.17%), Lakshmi Machine Works (up 0.20%), Suzlon Energy (up 0.25%), Praj Industries (up 1.36%), SKF India (up 1.38%), Punj Lloyd (up 1.49%), Pipavav Defence and Offshore Engineering Company (up 1.97%) and Bharat Electronics (up 2.25%), edged higher.

Crompton Greaves was down 0.55% to Rs 173.35. The company said that it won a 17 million euros contract from Gas Natural Fenosa, to supply ZIV single and three phase smart meters. The company made the announcement during market hours today, 28 September 2015.

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